Realty firm Ashiana Housing on Thursday said it acquired over 4,154 sqmt of land in Rajasthan to develop a residential project there. The company has bought a 4,154.73 sqmt plot in Alwar district of Rajasthan in an auction conducted by the Urban Improvement Trust in Bhiwadi.
"The land will be utilised to develop a residential project comprising 4/5 BHK apartment with retail units on the ground floor," a company release said. The total saleable area will be around 1,20,000 sqft, it said.
Ashiana plans to receive the requisite approvals in the next three months and start development thereafter. Meanwhile, the company also said it sold its 10.92-acre land in Jodhpur which it had purchased in 2007.
"The company decided to sell the land as the access to the land currently available is not of requisite quality and the possibility of getting better access in the near future is not visible. As the land would have remained undevelopable for the near term, the company envisaged it better to exit the project," the statement said.
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